This is the process for standard cleaning. If there is significant buildup, especially if material is burned in the assembly, soaking in Simple Green for 15 minutes may be required.
Parts of the collet:
Collet
Collet Chuck Nut
Collet Chuck - on the Hulk, this is is just the spindle itself which cannot be removed from the machine.
Use a toothbrush to remove any loose dust from all parts.
Spray the outside of the collet with WD-40, then wipe down the exterior portion of collet and the inside of the collet chuck with a paper towel. to remove as much oil as possible. Make sure any residue that was on the parts after disassembly is cleaned off.
Clean gaps in the collet by running a knife blade through the gaps. You can follow up with a paper towel or toothbrush.
The goal should be to achieve clear gaps in the collet when you look at it from one end.
Wipe down the outside of the collet chuck and the inside of the spindle using the paper towel. Make sure there is no build up on either part.
Clean threads on collet nut and collet chuck with a toothpick or plastic fork tine. DO NOT USE ANYTHING METAL to clean the threads. Finish brushing off the threads so they are totally clean. You should be able to run your finger nail through the threads and not pick up anything or feel roughness.
When you reassemble the collet chuck and the collet chuck nut, the collet chuck nut should spin smoothly as it tightens on the bit. Wiping the bit with the oily paper towel will also help increase grip strength.